Metaverse platforms are likely to give e-commerce a virtual spin

The metaverse platform is being envisaged as a new kind of e-commerce marketplace, which will allow brands from all over the world buy a unit of virtual land of 9,700 sqft for a standard rate of $200 (around ₹15,500), Toshendra Sharma, founder and chief executive, NFTically, said. The price is fixed for now but may vary as the concept gains momentum, he added. Unlike most metaverse platforms, the transactions will not use cryptocurrencies, but fiat money.

The initiative by NFTically reflects the increasing interest in metaverse platforms from a wide variety of brands, and the ample opportunities it offers. Homegrown tyre company Ceat Ltd, multi-brand footwear retail chain Metro Brands, and textile conglomerate Mafatlal Industries have agreed to join the metaverse platform. “Comearth will be accessible from August, and we are planning to bring on more metaverse storefronts by then,” Sharma said.

NFTically isn’t the only firm in India looking to give e-commerce a virtual spin-off. Virtual reality and video game developer, Gamitronics, launched its own metaverse platform, Partynite, on 26 January. Since its launch, with a metaverse concert featuring Punjabi pop star Daler Mehndi, who also bought virtual land, the startup diversified to include brand stores.

“We are working with several brands to build a metaverse experience,” said Rajat Ojha, founder and chief executive, Gamitronics. Among clients is an Indian cafe chain, which is experimenting with a metaverse store on Partynite, Ojha added. “Users can visit the coffee shop in the metaverse and order coffee and it will be delivered to their homes. This helps build a unique combination of physical and digital experiences, which is more immersive than before.”

Other e-commerce companies are also exploring metaverse as a concept. Homegrown e-commerce major Flipkart, on 28 April, announced the launch of Flipkart Labs that will work on developing blockchain and metaverse use cases, including virtual immersive storefronts.

Clothing brands Vans, Adidas and Gucci have also been exploring metaverse stores. In May 2021, luxury fashion line Gucci had partnered with metaverse platform Roblox, to launch Gucci Garden, and subsequently went on to grow the concept through Gucci Town, a dedicated space on the Roblox platform, where users can dress their avatars and order clothes from Gucci.

In April, American footwear and apparel brand Nike introduced virtual sneakers, or Nike CryptoKicks, partnering NFT artist RTFKT. The sneakers offer customizable skins, which users can purchase as NFTs. One such virtual sneaker was reportedly sold for $186,000.

That said, interest in metaverse stores still appears to be at a nascent stage, both in India and globally. While Partynite wants to add brand stores, it held one-off events, including a promotion for Indian beverages brand McDowell’s in March, and the announcement of Telangana’s space-tech policy on 18 April.

Experts said the opportunity for e-commerce metaverse platforms could run into billions of dollars. “In the next 10 years, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and provide jobs to millions of creators,” Ashish Pherwani, partner and media and entertainment leader, at consultancy firm EY India, said in a blog post in April.

The early adopters of metaverse platforms will not only need to recreate existing physical facilities, but add value to it as well Pherwani added. “The time to start building familiarity with the technology is now.”